Azerbaijan: Central Bank’s currency reserves up in March 2017

Currency reserves of the Central Bank of Azerbaijan (CBA) increased by almost $367 million YoY (9%) in March, and amounted to $4,432.7 billion, according to the statistical data posted on the CBA website on April 4.

CBA’s reserves increased by $63.4 million MoM (1.45%) in March.

Currency reserves of the CBA decreased by more than $1 billion in 2016 as compared to 2015.

CBA’s currency reserves started to decrease in July 2014. The reduction was at a slower rate (within a range of $20 million to $50 million) at the beginning, but a sharp decline began in December 2014 due to an increase in demand for dollar in the country.

In 2016, the currency reserves increased by 0.9% in March, 1.35% in April, 3.97% in May, 0.7% in August and 0.14% in November. (Trend/Business World Magazine)